Business

BHBFC starts shariah-based financing for housing


Published : 25 Nov 2021 10:00 PM

Bangladesh House Building Finance Corporation (BHBFC) has started Islamic Shariah based financing in housing sector. 

The organisation has introduced a new housing finance product named Manzil in this regard. 

Under this system BHBFC would invest money as per Shariah regulation for constructing residential building. The borrower have to share earned profit to BHBFC. 

The inauguration program of Manzil was held on Thursday at the BHBFC headquarters building at Purana Paltan in the capital. Sheikh Mohammad Saleem Ullah, Secretary, Financial Institutions Department (FID), Ministry of Finance inaugurated the product. 

Managing Director of the Corporation Md. Afzal Karim presided over the inaugural ceremony.  The Chairman of the Board of Directors of BHBFC Prof. Dr. Md. Salim Uddin, FCA, FCMA and Prof. Dr. Mohammad Abdus Samad, the Chairman, Shariah Supervisory Committee, BHBFC was present as special guests. 

The event was attended by the Board of Directors of BHBFC, senior executives of FID, Deputy Managing Director, General Managers and senior officials of BHBFC. The director of  Rural and Peri-Urban Housing Finance Project (RPHFP) of BHBFC Md. Atiqul Islam delivered the welcome speech on the program. 

RPHFP,a housing finance project of BHBFC, is funded by the Islamic Development Bank (ISDB). The ‘Manzil’  has been formulated under this project for the lower and lower-middle class people other than Dhaka, Chottogram and Sylhet metro area. 

In his inaugural address, FID Secretary described BHBFC's new product as a timely initiative in the year of the golden jubilee of the independence. 

He emphasized on the importance of promoting a profit-oriented investment system in the light of Islamic law. He suggested to ensure quality of service for the overall success of the organization.